10
August
2017
|
08:00
Europe/London

Savvy Britain: Nine out of ten Brits describe themselves as ‘savvy shoppers’ according to new research

Michael Lewis, CEO of E.ON UK
It’s really positive that so many of us now consider ourselves to be savvy when it comes to our everyday purchases. We launched Cap and Track to remove the hassle for people who don’t want to spend time shopping around but who still want the reassurance that their prices are fair and stable – with the important possibility that they could fall further too.
Michael Lewis, CEO of E.ON UK
  • People spend more than an hour a week shopping around for better deals, saving on average £660 a year

  • More than half say they shop around more than they did five years ago, but almost a third think it’s harder to get a better deal now than it used to be

  • Almost 20% of men say they don’t shop around because someone else does it for them

  • Energy tops the list of things people dislike shopping around for but E.ON’s new ‘Cap and Track’ tariff helps to track the market for consumers

It’s a fact: savviness is a national trait. That’s according to new research1 conducted by E.ON into the nation’s financial habits, with nine out of ten (91%) people saying they consider themselves a ‘savvy shopper’. And it appears that women are taking the lead with 94% saying they’re financially frugal compared to 88% of men.

On average, people are spending more than one hour each week shopping around for better deals, saving on average £660 each a year. When asked how their current habits compare to five years ago, more than half (53%) said they shop around more now but almost a third (32%) think it’s harder to do so now than it used to be. The reasons cited for this include there being too many deals on the market (46%) or too few (43%), and a lack of differentiation between products (42%).

Perhaps unsurprisingly, shopping for holidays (65%), gadgets (63%), clothes (62%), and presents (61%) came top of the things we like shopping around for. And, the main motivations for people to shop around according to the research were saving money (60%), feeling in control of finances (58%), and feeling reassured about getting a good deal (45%).

Energy and utilities topped the list of shopping dislikes (25%) closely followed by insurance (24%). Despite this, almost two thirds of people (65%) have switched supplier purely to get a better deal, with 60% saying they’d be happy to stay with their supplier if they felt they’d be kept on a consistently competitive deal.

When asked how people shop around, there were a number of key factors people take into account when looking for a good deal. The main requirements were that information was free (64%), impartial (40%) and independently verified (31%), that the process was hassle free (55%), and that comparisons made are kept up to date (40%).

E.ON’s new one year fixed term ‘Cap and Track’ tariff meets all of these requirements. It offers customers the simple reassurance that their energy prices will be tracked against the market average and that their prices won’t rise above the cap they signed up to for the duration of their contract, but could fall further.

Michael Lewis, CEO of E.ON UK, said: “It’s really positive that so many of us now consider ourselves to be savvy when it comes to our everyday purchases. We launched Cap and Track to remove the hassle for people who don’t want to spend time shopping around but who still want the reassurance that their prices are fair and stable – with the important possibility that they could fall further too.

“Using the independent Energy Retail Price Index, we’re able to offer customers the peace of mind that their prices may fall if the market average falls and prices won’t go above those which they signed up to, potentially leaving them more time and money to spend doing the things they really want to.”

Of the one in ten who said they’re yet to adopt a savvier lifestyle (9%), the main barriers were a lack of time (31%), not caring enough (21%) and it not being in their nature (21%).

Almost 20% of men say they don’t shop around because someone else does it for them (17%), compared to just 9% of women.

Further details about Cap and Track and E.ON’s other products and services can be found at eonenergy.com/products-and-services.

Ends

Notes to editors

1. Based on research conducted with 2,000 UK adults in June 2017 by OnePoll on behalf of E.ON.

Additional stats from the research:

  • Many respondents have their parents to thank for their savviness with half (50%) saying they’re savvy because they were brought up to manage their finances and a third saying it’s simply in their nature (37%).

About Cap and Track:

  • E.ON Cap and Track 1 Year is offered only to dual fuel customers who pay by fixed monthly Direct Debit. Tariff tracked against the average price of all tariffs available through Energylinx. E.ON Cap and Track 1 Year is not available to prepayment, restricted hours tariff meters, single fuel and non-residential customers.

For more information contact:

Jag Bickham on 02476 181 308 or jag.bickham@eon-uk.com

Victoria Blake on 02476 181 304 or victoria.blake@eonenergy.com

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